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Message: My next email to Gordon Cummings

My next email to Gordon Cummings

posted on Feb 17, 2010 02:24PM

The reply from Gordon indicated that he was a little surprised by my email.

He said the result for Carmen and Vita Minitas had been released and filed with SEDAR in december 2009.

Carotare is still being worked on with work pending from external engineers.

Preliminary economic assessments had started for Carmen and Veta Minitas.

So I sent him the following email:

Dear Gordon,

In the Kimber news release of May 2009 you are quoted as saying "Kimber's objective is to have this comprehensive update of the mineral resources at Monterde and a technical report completed in September 2009."

In my view that objective has not been met, in fact it has been missed by a very wide mark considering that we are still waiting for Carotare. While Carmen and Veta Minitas results have been released, they were late. The December 1st news release indicated that Carmen results would be released in January 2010. Again this deadline was missed.

You did not answer my question as to the reason for the excessive delays. Maybe you are not able to. And maybe you give a clue when you state “…pending work from our external engineers”. The ball has been dropped somewhere between Micon and Kimber. For this you should not be surprised to see investor anger. I hope at least some lessons have been learned.

I would also like to see a time line for the upcoming preliminary assessments and I do hope we can see future engineering work completed with the same timeliness and clockwork regularity as the grant of options. In fact I would hope that in future, progress milestones are tied to the grant of options and bonuses.

Regards,

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